ELTA.L Regulatory News (ELTA)

6 Feb 2008 11:45

Electra Private Equity PLC06 February 2008 Electra Private Equity Plc ("Electra") - Interim Management Statement 6 February 2008 This is the first Interim Management Statement issued by Electra in accordancewith the new EU Transparency Directive and FSA requirements. This statementrelates to the three month period from 1 October 2007 to 31 December 2007. Sir Brian Williamson, Electra's Chairman said: "Although investment activity generally slowed in the last three months asvendors, banks and fund managers came to terms with the more challengingeconomic outlook, Electra made a positive start to the first quarter and at 31December 2007 had net liquid assets of £171 million by comparison with £156million at 30 September 2007. Whilst market conditions have become difficult fora number of portfolio companies, the majority continue to trade in line withexpectations. Although investment activity may continue to be subdued in theshort term, Electra Partners believes that attractive investment opportunitieswill be available to Electra in view of its strong cash position and bankfacilities." 1 Unaudited Net Asset Value Per Share The investment portfolio, which comprises direct investments and investmentsthrough third party private equity funds has not been revalued at 31 December2007. However, calculated on the basis of the net asset value at 30 September2007 adjusted to reflect the purchases and sales of investments, currencymovements and bid values in respect of listed investments, the unaudited netasset value at 31 December 2007 was 2,009p per share by comparison with 2,001pat 30 September 2007, an increase of 0.4%. 2 Share Price Performance Electra's share price declined by 5.7% over the three months to 31 December 2007while the FTSE All-Share Index declined by 0.9%. However, over the year to 31December 2007, Electra's share price increased by 9.6% while the FTSE All-ShareIndex increased by 2.0%. 3 Investment and Realisations Electra invested a total of £44.5 million in the three months to 31 December2007, including £7.4 million in private equity funds. Investment for theequivalent period last year was £58.9 million. The largest direct investment in the period was an investment of £20.0 millionmade in London & Stamford Property which has been established to exploit realestate investment opportunities which are expected to emerge from marketcorrections which are expected to gather pace in 2008. Electra has madesignificant gains on two previous occasions through this management team inArlington Properties and Pillar Properties. Realisation proceeds received by Electra continued to be strong at £92.4millionfor the three months to 31 December 2007 (2006: £11.6 million). The largest realisation in the period was Dakota, Minnesota and Eastern Railroadwhich generated total proceeds for Electra of £36.2 million. Consistent with the strategy agreed at the time of investment, Electra sold afixed proportion of its interest in Kingfield Heath Group and Nuaire for £21.7million and £11.7 million respectively to Electra Partners Club 2007, aninvestment club for institutional investors established by Electra Partners.Electra Partners Club 2007 will enable Electra Partners to consider larger dealsfor Electra. In addition Electra received £9.9 million following the redemption of CapitalSafety Group III loan notes. 4 Share Buybacks During the three months to 31 December 2007, Electra made on market purchases ata cost of £8.2million and cancelled 0.6 million shares. The Company currentlyhas the ability to buy back and cancel up to a further 4.7 million shares duringthe remaining period of this authority which will cease at the 2008 AnnualGeneral Meeting when Directors will seek to renew this general authority. Ends For information please contact: Sir Brian Williamson, Chairman, Electra Private Equity Plc 020 7306 3883 Hugh Mumford, Managing Partner, Electra Partners LLP 020 7214 4200 Nick Miles, M: Communications Limited 020 7153 1535 This statement aims to give an indication of material events and transactionsthat have taken place during the period from 1 October 2007 to the date ofpublication of this statement and their impact on the financial position ofElectra Private Equity Plc. These indications reflect the Board's current view.They are subject to a number of risks and uncertainties and could change.Factors which could cause or contribute to such differences include, but are notlimited to, general economic and market conditions and specific factorsaffecting the financial prospects or performance of individual investmentswithin Electra's portfolio. This information is provided by RNS The company news service from the London Stock Exchange